What is the departure tax return?

Allan Madan, CA
 Nov 12, 2013
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Canadians leaving Canada need to complete their final personal tax return by April 30th of the year following their departure. Any departure tax would be reported on this tax return. Canada imposes a departure tax on individuals who cease to be a tax resident in Canada.

When an individual leaves Canada, he is deemed to have sold most of his assets. This is known as ‘deemed disposition’. The departure tax is a tax payment on the capital gains incurred from this deemed disposition.

 

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The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.

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